Importance of Insolvency & Bankruptcy Code discussed

The importance of the Insolvency and Bankruptcy Code and its aspects were discussed during the sixth colloquium of the National Company Law Tribunal here on Wednesday.

Various facets of the Companies Act, including oppression, mismanagement, mergers and acquisition, were also discussed on the occasion.

The Insolvency and Bankruptcy Code, 2016, is a bankruptcy law of India. It seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy.

The intent is to have a strong insolvency framework where the cost and the time incurred in attaining liquidation is minimised.

The colloquium, inaugurated at the Chandigarh Judicial Academy this morning, was presided over by former Chief Justice of Jammu and Kashmir High Court Justice MM Kumar, who is also president of the National Company Law Tribunal.

Justice AK Mittal of the Punjab and Haryana High Court was the chief guest.

Justice Mittal said the topics of immense importance such as importance of the Insolvency and Bankruptcy Code discussed by him would be discussed in the colloquium for next three days.

Addressing the gathering, Justice Kumar said the National Company Law Tribunal was dealing with matters related to the Insolvency and Bankruptcy Code, 2016, and Companies Act, 2013, effectively despite limited resources.

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